Latest revenue
$496.9M
as of 2026-03-31
Latest net income
$39.8M
as of 2026-03-31
Net margin
8.0%
as of 2026-03-31
ActaClear Score
Computed from 5 years of SEC fundamentals + latest market data, ranked within Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (9 peers). 10 = best in industry, 5 = median, 0 = worst. Refreshed Jun 7, 2026.
Fair value · DCF
DCF: 10-year forecast of free cash flow, discounted at the company's WACC, with a Gordon-growth terminal at year 10. FCF is proxied by last fiscal-year net income (proper FCF needs CFO − CapEx by year, which we don't store yet). Drag the slider to test your own growth thesis — the dominant assumption in any DCF is what comes next, not what the math does with it. Beta defaults to 1.0 when not reported.
Community sentiment
Where do you think AAON is heading?
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $10.86B
- Enterprise value
- $11.65B
- P/E (trailing)
- 101.0×
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 0.3%
- 52-wk high
- $150.18
- 52-wk low
- $62.00
- Beta
- —
- Shares out
- 81.9M
5-year trend
What this company does
AAON designs and manufactures highly configurable heating, ventilation, air conditioning, and liquid cooling systems for commercial buildings, industrial facilities, hyperscale data centers, and cleanrooms. Revenue comes primarily from build-to-order HVAC equipment sold through independent sales representatives in the domestic U.S. market, with rooftop units the flagship product line and foreign sales under 3% of the total. The BASX segment positions AAON in the rapidly expanding hyperscale data center cooling market, a strategic growth vector beyond its traditional commercial HVAC base.
Generated from AAON's filing dated 2026-03-02
Key risks
- Backlog volatility: data center/BASX demand swings could pressure results as hyperscale customers concentrate orders in lumpy bookings.
- Cyclical exposure: commercial/industrial construction lags residential and is sensitive to interest rates, inflation, and employment conditions.
- Geographic concentration: foreign sales only 2.6% of 2025 revenue (~$38.1M), leaving AAON heavily reliant on U.S. construction cycles.
Generated from AAON's filing dated 2026-03-02
Profitability
Gross margin
26.7%
19.1%Operating margin
10.1%
41.8%Net margin
7.5%
46.9%Return on assets
6.4%
55.5%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $496.9M | +54.3% | $39.8M | +35.9% | 8.0% |
Q4 2025 2025-12-31 | $424.2M | +42.5% | $32.0M | +29.7% | 7.6% |
Q3 2025 2025-09-30 | $384.2M | +17.4% | $30.8M | -41.5% | 8.0% |
Q2 2025 2025-06-30 | $311.6M | -0.6% | $15.5M | -70.3% | 5.0% |
Q1 2025 2025-03-31 | $322.1M | +22.9% | $29.3M | -24.9% | 9.1% |
Q4 2024 2024-12-31 | $297.7M | — | $24.7M | — | 8.3% |
Q3 2024 2024-09-30 | $327.3M | +4.9% | $52.6M | +9.5% | 16.1% |
Q2 2024 2024-06-30 | $313.6M | +10.4% | $52.2M | +14.3% | 16.7% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip · SIC 3585
Your notes
Keep private notes on AAON — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$519.4K
Insider selling
$24.8M
Net activity
−$24.3M
Distinct insiders
8
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns AAON
Institutional value
$3.48B
Total shares held
42.5M
Distinct holders
255
-120 vs prior
As of
2026-03-31
Prior: 2025-12-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 6.6M | $542.9M | +163.7K (+2.6%) | Added |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 3.1M | $256.5M | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 2.9M | $240.6M | — | New |
| 4 | WASATCH ADVISORS LP | 2.3M | $187.7M | +436.7K (+23.8%) | Added |
| 5 | FIRST TRUST ADVISORS LP | 2.0M | $166.6M | +364.1K (+22.1%) | Added |
| 6 | GENEVA CAPITAL MANAGEMENT LLC | 1.7M | $142.5M | -128.0K (-6.9%) | Trimmed |
| 7 | BLAIR WILLIAM & CO/IL | 1.6M | $134.2M | -56.8K (-3.4%) | Trimmed |
| 8 | Champlain Investment Partners, LLC | 1.6M | $132.6M | -62.7K (-3.8%) | Trimmed |
| 9 | Impax Asset Management Group plc | 1.4M | $118.9M | +32.6K (+2.3%) | Added |
| 10 | DIMENSIONAL FUND ADVISORS LP | 1.4M | $114.6M | -23.6K (-1.7%) | Trimmed |
| 11 | Conestoga Capital Advisors, LLC | 1.3M | $105.1M | -505.8K (-28.5%) | Trimmed |
| 12 | Capital World Investors | 1.3M | $104.6M | +683.5K (+117.7%) | Added |
| 13 | FRANKLIN RESOURCES INC | 1.2M | $100.9M | -3.4K (-0.3%) | Trimmed |
| 14 | Mawer Investment Management Ltd. | 848.6K | $70.2M | +82.4K (+10.8%) | Added |
| 15 | Copeland Capital Management, LLC | 787.6K | $65.2M | -12.4K (-1.5%) | Trimmed |
| 16 | JPMORGAN CHASE & CO | 827.5K | $64.7M | -35.8K (-4.1%) | Trimmed |
| 17 | BOKF, NA | 681.7K | $56.4M | -80 (-0.0%) | Trimmed |
| 18 | Pictet Asset Management Holding SA | 671.2K | $55.5M | -208.3K (-23.7%) | Trimmed |
| 19 | Stephens Investment Management Group LLC | 634.1K | $52.5M | -2.2K (-0.3%) | Trimmed |
| 20 | FEDERATED HERMES, INC. | 477.0K | $39.5M | -70.9K (-12.9%) | Trimmed |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
BASX serves hyperscale data centers—what percentage of 2025 backlog is data center, and how concentrated is it among top customers?
- 2
Foreign sales rose to $38.1M but stayed at 2.6% of revenue; why is international penetration stalling versus competitors like Daikin and Trane?
- 3
With the 2025 refrigerant transition to A2L, quantify the margin impact and any inventory write-downs from legacy R-410A units this year.
Refreshed when AAON files a new report · last from 2026-03-02
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